NFTs or non-fungible-tokens have exploded in popularity in 2021. With high profile sales such as Twitter CEO, Jack Dorsey’s first tweet and Beeple’s $69 million art, NFTs are now some of the most talked-about trends in the world of crypto and blockchain.
In the past month alone, NFT sales ran to about $220 million, while the entire NFT sales in 2020 were around $250 million. Investors are not oblivious to this trend as they are actively pouring funds into NFT startups. Last year NFT startups raised a total of $35 million. This number has quadrupled already in 2021 as a total of $90 million has been raised so far in the year.
This new and exciting development in blockchain, is giving creatives a chance to monetize their creativity and here’s how to do it.
How to create an NFT
While digital artworks might have been the biggest and most popular seller in NFTs, there are several kinds of NFTs that follow the same step in creating and selling. Basically, anything can be tokenized but some of the most tokenized things are digital art, virtual real estate, luxury goods, digital music, memes and so on.
The first step to creating an NFT is deciding what you want to tokenize and in which format. A picture or digital art, for example, could be in JPEG, PNG or GIF. this file will then be uploaded onto a minting platform.
Minting an NFT means making the file available on a blockchain which is the whole point of non-fungible-tokens. This means that the file is available to members of the public and the ownership of the file is publicly verifiable.
Usually, NFTs are minted on the ethereum blockchain, although other blockchains can be used.
To mint NFTs you need to find a minting platform. Platforms such as SuperRare and Async Arts require artists to apply before they can be added to the minting platform. Most platforms where digital arts are minted are usually exclusive and membership only platforms.
The minting process can start once a minting platform has been chosen. The minting process entails entering the details of the file being minted, connecting an ethereum wallet and paying the minting fee.
It is important to note however that minting costs or gas fees have been extremely high. Some artists increase the price of the NFT to cover the high gas fees. Another option could be to wait till gas fees are lower.
Selling the minted NFT
Selling on open platforms such as Rearible makes selling NFTs easy for creators. If the NFT has been minted already on the platform, a “sell” button prompt will appear and transactions can be completed from there.
Experiment and learn
Understanding and properly estimating NFTs might require some experimentation. Creatives can experiment on the minting platforms to learn how they work. Knowing which kind of NFTs sell best and the reason why people buy a particular kind of NFT could also help in listing the right kind of NFT and not wasting gas fees. It is equally important to stay up to date with NFT related news.